# Division of Investment Management

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3Af57d50cafc0b6341

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

Division of Investment Management
Analytics Office

Annual Registered Investment Company Update
Form N-CEN Data, period ending December 2025

This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.

Information presented in this report reflects staff’s compilation and analysis of data reported to
the Commission on Form N-CEN. The presented information does not reflect any filings or
amended filings submitted after May 13, 2026.

December 2025

Analytics Office

Introduction
This report provides statistics and trends for SEC-Registered Investment Companies (“RICs”)
that file annual reports on Form N-CEN, reflecting data collected from filings received through May
13, 2026 for reporting periods from December 2019 through December 2025.1 A downloadable Excel
file published alongside this report provides the most recently updated historical data beginning with
the December 2019 reporting period. Please see the Appendices to this report for definitions of
capitalized terms, other technical descriptions, and a summary of certain changes to Form N-CEN
over time.
Many RICs must file Form N-CEN within 75 days after the end of their respective fiscal years.2
As RICs have different fiscal years, information filed on Form N-CEN may be asynchronous across
RICs. Additionally, RICs may file an amendment to a previously filed report at any time, including
an amendment to correct a mistake or error in a previously filed report — for more details, see the
Form N-CEN General Instructions.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings that appear to be erroneous to ensure the accuracy of information
presented. A downloadable Excel file published alongside this report provides the most
recently updated historical data and includes methodological notes and assumptions.
If you have any questions or comments about the Annual Registered Investment
Company Update (December 2025), please contact: Tim Dulaney, PhD, Juan Carlos Forero
Penaranda, or Trevor Tatum with subject line “Annual Registered Investment Company Update
(December 2025)”.
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.

1
2

The compliance date for Form N-CEN was June 1, 2018.
Unit Investment Trusts (“UITs”) file Form N-CEN within 75 days of calendar-year end.

1

December 2025

Analytics Office

Contents
1 Number of Funds

3

2 Aggregate Average Total Net Assets

5

3 Exemptions and Rules Relied Upon

7

4 Securities Lending

9

5 Lines of Credit

11

6 Service Providers

13

6.1

Investment Advisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13

6.2

Transfer Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15

6.3

Pricing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

6.4

Custodians . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

6.5

Administrators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

6.6

Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

6.7

Securities Lending Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

6.8

Cash Collateral Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23

6.9

Authorized Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

7 Appendices

26

7.1

Interval Notation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

7.2

Methodology for Timeseries Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

7.3

Form N-CEN Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27

7.4

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28

2

December 2025

1

Analytics Office

Number of Funds3
Table 1.1: Number of Funds, by Registrant Type and Fund Category
Relies on Form N-CEN, Item C.3. Some Fund categories are not mutually exclusive. “Uncategorized
Funds” represent funds which did not indicate they were one of the Fund categories enumerated in
Item C.3. The “Total” row represents the total number of unique Funds, irrespective of fund type.
Registrant Type

N-1A

N-2

N-4
N-6
N-8B-2

N-3

Total

Fund Category
Uncategorized Fund
Exchange-Traded Fund
Index Fund
Underlying Fund for VA
Fund of Funds
Target Date Fund
Leveraged Fund
Money Market Fund
Feeder Fund
Master Fund
Exchange-Traded Managed Fund
Interval Fund
Subtotal
Uncategorized Fund
Interval Fund
Fund of Funds
Feeder Fund
Master Fund
Index Fund
Target Date Fund
Exchange-Traded Fund
Leveraged Fund
Underlying Fund for VA
Subtotal
Subtotal
Subtotal
Uncategorized Fund
Exchange-Traded Fund
Subtotal
Underlying Fund for VA
Fund of Funds
Uncategorized Fund
Money Market Fund
Index Fund
Subtotal
Total

2019
6,064
2,221
2,423
1,887
1,671
741
316
413
190
138
18
0
12,336
519
67
42
43
27
0
2
0
2
0
692
428
243
40
8
48
3
3
8
1
2
14
13,761

2020
5,813
2,424
2,413
1,891
1,656
685
288
382
152
118
17
0
12,185
531
64
42
35
25
1
2
1
1
0
699
417
237
42
5
47
3
3
8
1
2
14
13,599

2021
5,635
2,808
2,562
1,909
1,698
690
307
346
150
118
19
0
12,341
518
73
40
33
25
1
3
0
1
1
686
416
241
40
5
45
9
9
8
2
2
20
13,749

2022
5,507
3,090
2,567
2,011
1,704
649
298
336
137
116
30
0
12,560
501
84
40
35
25
1
3
0
1
0
682
418
240
39
5
44
6
6
6
2
2
15
13,959

2023
5,235
3,518
2,597
2,009
1,752
640
311
331
139
114
43
0
12,690
493
101
42
28
22
1
1
0
1
0
686
416
239
37
5
42
6
6
6
2
2
15
14,088

2024
4,966
4,152
2,658
1,997
1,736
621
343
305
129
106
47
1
13,027
470
129
59
29
24
1
1
0
1
0
704
414
239
35
4
39
6
6
6
2
2
15
14,438

2025
4,690
4,213
2,626
1,988
1,697
554
376
307
123
103
51
1
12,716
468
139
56
23
21
1
1
0
0
0
706
414
239
36
4
40
6
6
6
2
2
15
14,130

Table 1.2: Number of Funds per Family of Investment Companies
Relies on Form N-CEN, Item B.5. Funds not a part of a Family of Investment Companies are grouped by
the Central Index Key (“CIK”) of the registrant.
Funds per Family of Investment Companies
1
[2,5)
[5,10)
10 or more

2019
480
147
130
202

2020
488
153
119
204

2021
481
149
113
211

2022
496
142
109
210

2023
493
149
102
213

2024
507
142
110
215

2025
507
135
105
218

3
For UITs that are not separate accounts of an insurance company, the number of UITs is used to calculate Fund totals
instead of number of Series reported on Form N-CEN, Item F.6. If information reported on Form N-CEN, Item F.6 is
used instead, the total number of Funds is 17,715 as of December 2025.

3

December 2025

Analytics Office

Table 1.3: Number of Registrants, by Registrant Type
Relies on Form N-CEN, Item B.6.
Registrant Type
N-1A
N-2
N-4
N-6
N-8B-2
N-3
Total

2019
1,434
702
428
243
45
5
2,857

2020
1,414
705
416
236
47
5
2,823

2021
1,409
691
416
241
45
6
2,808

2022
1,391
690
418
240
44
4
2,787

2023
1,379
697
416
239
42
3
2,776

2024
1,375
713
414
239
39
3
2,783

2025
1,335
709
414
239
39
3
2,739

Table 1.4: Number of Registrants per Family of Investment Companies
Relies on Form N-CEN, Item B.5. Registrants not a part of a Family of Investment Companies are
grouped by the Central Index Key (“CIK”) of the registrant.
Registrants per Family of Investment Companies
1
[2,5)
[5,10)
10 or more
Total

4

2019
766
96
46
49
957

2020
781
97
45
47
970

2021
780
98
43
50
971

2022
780
97
42
49
968

2023
781
96
41
48
966

2024
793
104
40
49
986

2025
780
98
47
48
973

December 2025

2

Analytics Office

Aggregate Average Total Net Assets (“ATNA”)4
Table 2.1: Aggregate ATNA, by Registrant Type and Fund Category
($Billions)
Relies on Form N-CEN, Item C.3. Fund categories are not mutually exclusive. “Uncategorized Funds”
represent Funds which did not indicate they were one of the Fund categories enumerated in Item C.3.
The “Total” column represents total ATNA for all Funds, irrespective of fund type.
Registrant Type

N-1A

N-4
N-8B-2

N-2

N-3

N-6
Total

Fund Category
Index Fund
Exchange-Traded Fund
Uncategorized Fund
Money Market Fund
Fund of Funds
Underlying Fund for VA
Master Fund
Target Date Fund
Feeder Fund
Leveraged Fund
Exchange-Traded Managed Fund
Subtotal
Subtotal
Exchange-Traded Fund
Uncategorized Fund
Subtotal
Uncategorized Fund
Interval Fund
Fund of Funds
Master Fund
Feeder Fund
Target Date Fund
Underlying Fund for VA
Subtotal
Uncategorized Fund
Index Fund
Money Market Fund
Underlying Fund for VA
Fund of Funds
Subtotal
Subtotal
Total

2019
7,144
5,604
11,041
3,683
2,158
1,927
953
1,242
522
116
14
25,913
1,562
437
73
510
246
30
19
14
8
2
0
309
196
20
10
0
0
226
166
28,685

2020
8,082
6,281
11,549
4,605
2,581
2,080
1,093
1,395
552
99
17
28,686
1,670
523
75
598
255
33
18
12
5
2
0
316
198
20
12
0
0
230
188
31,689

2021
10,196
8,130
13,400
5,277
3,098
2,296
1,470
1,598
617
119
1
34,016
1,801
724
88
812
292
40
16
12
5
2
1
360
242
25
9
1
1
278
215
37,482

2022
10,930
8,731
12,923
5,500
3,359
2,093
1,721
1,525
603
132
2
34,682
1,390
550
69
619
268
56
16
14
7
2
0
355
205
22
8
0
0
237
175
37,458

2023
11,155
9,037
11,351
5,799
3,178
2,157
1,623
1,574
602
123
3
33,569
1,496
749
73
822
249
66
17
16
7
2
0
347
202
22
9
0
0
234
204
36,672

2024
13,173
10,738
12,148
6,677
3,356
2,431
1,828
1,750
706
149
4
37,859
1,548
1,005
85
1,089
253
79
33
18
9
2
0
379
218
40
10
0
0
268
231
41,374

2025
15,620
12,962
12,876
7,647
4,222
2,498
2,209
2,010
786
165
4
42,896
1,580
1,100
97
1,197
269
101
38
21
10
2
0
428
241
27
11
0
0
279
270
46,650

4
On Form N-CEN, a measure of fund size is not generally a point-in-time measurement. Point-in-time aggregates of
mutual fund, ETF, and closed-end fund assets can be found in Registered Fund Statistics available on the SEC Website.

5

December 2025

Analytics Office

Table 2.2: Fund ATNA Percentiles ($Billions)
Funds with non-positive ATNA are removed from this table.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.010
0.030
0.066
0.130
0.231
0.410
0.728
1.361
3.438

2020
0.011
0.032
0.072
0.138
0.242
0.426
0.758
1.450
3.813

2021
0.011
0.034
0.078
0.154
0.275
0.478
0.851
1.615
4.323

2022
0.009
0.032
0.075
0.147
0.263
0.464
0.830
1.551
4.244

2023
0.009
0.031
0.070
0.137
0.242
0.427
0.742
1.428
3.849

2024
0.009
0.030
0.068
0.134
0.241
0.426
0.754
1.460
3.932

2025
0.012
0.037
0.080
0.156
0.275
0.475
0.859
1.658
4.411

Table 2.3: Percentiles of ATNA Aggregated by Family of Investment
Companies ($Billions)
Relies on Form N-CEN, Item B.5. Funds not a part of a Family of Investment Companies are grouped by
the Central Index Key (“CIK”) of the registrant.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.010
0.041
0.116
0.217
0.467
1.181
2.428
6.887
33.224

2020
0.009
0.043
0.106
0.223
0.463
1.116
2.424
6.889
34.368

2021
0.010
0.050
0.129
0.256
0.524
1.328
2.797
7.970
41.326

6

2022
0.010
0.042
0.115
0.239
0.496
1.246
2.813
7.529
37.803

2023
0.010
0.045
0.114
0.239
0.499
1.241
2.755
7.451
34.888

2024
0.013
0.049
0.124
0.256
0.516
1.308
3.028
7.636
36.036

2025
0.014
0.050
0.132
0.278
0.588
1.542
3.522
8.419
38.705

December 2025

3

Analytics Office

Exemptions and Rules Relied Upon5
Table 3.1: Number of Series Relying on Statutory Exemptions or Rules
Under the Investment Company Act
Relies on Form N-CEN, Item C.7. Funds may rely on one or more statutory exemptions and, as a
result, may contribute more than once.
Exemption
Rule 32a-4
Rule 18f-4
Rule 12d1-1
Rule 18f-4(c)(4)
Rule 12d1-4
Rule 6c-11
Rule 22d-1
Rule 17a-7
Rule 18f-4(f)
Rule 17e-1
Rule 10f-3
Rule 18f-4(e)
Section 12(d)(1)(G) of the Act
Rule 18f-4(d)(ii)
Rule 17a-6
Rule 18f-4(d)(i)
Rule 18f-4(c)(2)
Rule 17a-8
Rule 23c-1
Rule 15a-4

2019
10,018
0
6,210
0
0
28
3,362
3,815
0
2,466
1,329
0
0
0
317
0
0
198
57
50

2020
10,247
0
6,144
0
0
392
3,451
3,371
0
1,688
877
0
0
0
350
0
0
133
55
47

2021
10,707
253
6,400
144
316
1,878
3,194
3,286
19
1,695
925
6
341
2
324
0
7
138
51
75

2022
11,245
5,269
6,455
3,798
3,367
2,512
3,191
3,196
899
1,697
826
195
891
237
307
112
253
115
59
31

2023
11,383
8,456
6,399
5,825
3,738
2,990
3,161
2,825
2,036
1,695
705
363
626
342
309
175
236
103
73
24

2024
11,934
9,308
6,754
6,089
4,187
3,782
3,174
2,505
2,248
1,728
657
457
510
312
325
166
168
105
84
38

2025
11,691
9,291
6,598
5,918
4,116
3,943
2,901
2,294
2,136
1,698
569
546
483
331
231
184
139
131
85
43

Table 3.2: ATNA of Funds Relying on Statutory Exemptions or Rules Under
the Investment Company Act ($Billions)
Relies on Form N-CEN, Item C.7. Funds may rely on one or more statutory exemptions and, as a
result, may contribute more than once.
Exemption
Rule 32a-4
Rule 18f-4(c)(4)
Rule 18f-4
Rule 12d1-4
Rule 17a-7
Rule 12d1-1
Rule 18f-4(f)
Rule 22d-1
Rule 17e-1
Rule 6c-11
Rule 18f-4(e)
Rule 10f-3
Rule 17a-6
Rule 18f-4(d)(ii)
Section 12(d)(1)(G) of the Act
Rule 17a-8
Rule 18f-4(d)(i)
Rule 18f-4(c)(2)
Rule 23c-1
Rule 15a-4

2019
23,894
0
0
0
17,146
17,513
0
6,996
5,723
1
0
2,555
714
0
0
207
0
0
37
94

2020
26,661
0
0
0
15,749
14,167
0
9,157
3,883
119
0
1,672
1,341
0
0
400
0
0
38
20

5

2021
32,645
25
47
200
19,693
16,667
11
9,422
4,737
3,039
1
1,467
1,300
1
386
266
0
0
38
28

2022
33,414
15,515
10,910
17,058
19,357
17,097
4,955
9,184
5,091
3,876
921
1,319
1,126
157
1,801
231
262
84
25
10

2023
32,401
20,745
18,324
17,620
17,132
15,991
9,464
8,407
4,776
3,933
1,297
880
682
602
1,079
371
229
102
28
9

2024
37,051
24,089
20,870
20,479
19,752
17,967
11,049
9,372
5,774
4,604
1,753
1,147
826
630
730
403
239
65
45
18

2025
41,897
27,697
23,980
23,313
22,219
20,342
12,575
10,236
6,860
6,089
2,325
1,286
899
713
586
322
258
95
47
16

On Form N-CEN, management investment companies — i.e., investment companies registered on Forms N-1A, N-2,
or N-3 — report relying on the following statutory exemption(s) or any of the rule(s) under the Investment Company
Act. See the appendix for Form N-CEN changes that may impact the availability of historical information for some of
these exemptions.

7

December 2025

Analytics Office

Table 3.3: Number of Funds Binned by Number of Exemptions
Relies on Form N-CEN, Item C.7.
Exemptions per Series
0
1
2
3
4
5
[6,10)
Total

2019
1,496
3,249
3,822
2,239
1,205
783
248
13,042

2020
1,302
3,106
4,181
2,561
1,244
404
101
12,899

2021
1,047
2,674
4,034
3,017
1,578
549
148
13,047

2022
572
1,572
2,373
2,867
2,478
1,712
1,685
13,259

2023
409
1,179
1,946
2,430
2,738
1,934
2,754
13,390

2024
368
991
1,715
2,484
3,052
2,295
2,841
13,746

2025
344
902
1,610
2,579
3,083
2,127
2,793
13,438

Table 3.4: Aggregate ATNA of Funds Binned by Number of Exemptions
($Billions)
Relies on Form N-CEN, Item C.7.
Exemptions per Series
0
1
2
3
4
5
[6,10)
Total

2019
898
3,515
5,112
9,757
4,332
2,470
363
26,448

2020
744
5,372
10,244
5,960
5,356
1,341
215
29,233

2021
672
6,383
11,142
6,565
8,173
1,464
255
34,654

8

2022
508
3,268
3,176
6,384
9,310
6,326
6,301
35,274

2023
185
2,926
2,343
5,412
8,705
3,707
10,869
34,146

2024
151
2,444
2,965
6,107
9,654
4,382
12,802
38,504

2025
171
3,563
2,892
5,927
9,716
6,108
15,226
43,604

December 2025

4

Analytics Office

Securities Lending6
Table 4.1: Number of Funds Paying Fees to Securities Lending Agents or
Cash Collateral Managers
Relies on Form N-CEN, Item C.6.e. Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the number of Funds lending securities, and not the sum of
the preceeding rows.
Payment Type
Revenue Sharing Split
Cash Collateral Fee
Other Fee
Non-Revenue Sharing Split
Administrative Fee
Not Applicable
Indemnification Fee
Total

2019
4,448
2,250
698
186
180
467
13
5,114

2020
4,708
2,430
688
317
137
281
13
5,269

2021
4,817
2,397
707
343
259
268
13
5,434

2022
4,800
2,442
717
352
436
241
15
5,517

2023
4,820
2,421
764
365
391
257
0
5,565

2024
4,913
2,480
768
368
376
233
0
5,636

2025
4,837
2,459
765
414
361
209
0
5,534

Table 4.2: Aggregate ATNA of Series, by Type of Fee Paid to Securities
Lending Agents or Cash Collateral Managers ($Billions)
Relies on Form N-CEN, Item C.6.e. Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the aggregate ATNA of Funds lending securities, and not the
sum of the preceeding rows.
Payment Type
Cash Collateral Fee
Revenue Sharing Split
Administrative Fee
Other Fee
Non-Revenue Sharing Split
Not Applicable
Indemnification Fee
Total

2019
7,939
9,760
3,729
2,238
794
455
12
13,316

2020
8,924
11,346
3,989
2,489
1,667
407
13
15,529

2021
11,048
13,208
5,293
3,121
2,113
305
16
18,881

2022
11,846
13,038
5,386
3,382
2,329
155
15
19,637

2023
11,539
11,976
5,581
3,272
2,459
385
0
19,308

2024
13,311
13,331
6,787
3,489
2,886
465
0
22,162

2025
15,427
15,265
7,748
4,084
3,543
436
0
25,282

Table 4.3: Aggregate Average Value of Portfolio Securities on Loan
(“AVSL”), by Type of Fee Paid to Securities Lending Agents
or Cash Collateral Managers ($Billions)
Relies on Form N-CEN, Item C.6.(e-f). Funds may pay more than one type of fee as part of their
securities lending and cash collateral management arrangements and, as a result, may contribute more
than once. The “Total” row represents the aggregate AVSL reported, and not the sum of the
preceeding rows.
Payment Type
Revenue Sharing Split
Cash Collateral Fee
Other Fee
Administrative Fee
Non-Revenue Sharing Split
Not Applicable
Indemnification Fee
Total

2019
210
162
60
35
7
8
1
242

2020
212
149
59
21
19
4
1
234

2021
206
147
64
24
24
4
1
241

2022
209
153
67
35
31
5
1
258

2023
206
154
72
37
31
7
0
256

2024
199
147
71
34
25
10
0
246

2025
222
164
76
36
31
14
0
273

6
In this section, we focus on funds that reported a positive monthly average of the value of portfolio securities on loan
— Form N-CEN, Item C.6.f.

9

December 2025

Analytics Office

Table 4.4: Percentiles of Fund AVSL ($Billions)
Relies on Form N-CEN, Item C.6.f.
Percentile
10th
20th
30th
40th
50th
60th
70th
80th
90th

2019
0.000
0.000
0.001
0.002
0.004
0.008
0.015
0.031
0.080

2020
0.000
0.000
0.001
0.002
0.004
0.008
0.015
0.030
0.075

2021
0.000
0.000
0.001
0.002
0.005
0.009
0.016
0.032
0.080

10

2022
0.000
0.000
0.001
0.003
0.005
0.009
0.017
0.035
0.086

2023
0.000
0.000
0.001
0.002
0.004
0.008
0.016
0.032
0.083

2024
0.000
0.000
0.001
0.002
0.004
0.008
0.015
0.031
0.080

2025
0.000
0.000
0.001
0.003
0.005
0.009
0.017
0.033
0.090

December 2025

5

Analytics Office

Lines of Credit7
Table 5.1: Number of Funds with Lines of Credit Available
Relies on Form N-CEN, Item C.20.a. The “Total” row represents the total number of Funds of openend management investment companies with lines of credit available and not the sum of the prior
rows. Some funds report both committed and uncommitted lines of credit.
Line of Credit Type
Committed
Uncommitted
Total

2019
5,138
2,670
6,097

2020
5,140
2,776
5,987

2021
5,269
2,780
6,126

2022
5,349
2,834
6,254

2023
5,328
2,907
6,334

2024
5,276
2,895
6,257

2025
5,145
2,825
6,143

Table 5.2: Aggregate Value of Available Lines of Credit ($Billions)
Relies on Form N-CEN, Item C.20.a. Since funds often share, and report, the same line of credit on
Form N-CEN, prior to aggregation we divide the size of the line of credit by the number of funds
sharing the credit line.
Line of Credit Type
Committed
Uncommitted
Total

2019
102
44
143

2020
105
49
150

2021
124
48
168

2022
108
43
148

2023
96
44
138

2024
72
42
109

2025
70
44
109

Table 5.3: Number of Funds Drawing on Lines of Credit
Relies on Form N-CEN, Item C.20.a.v. The “Total” row represents the total number of Funds of openend management investment companies drawing on lines of credit and not the sum of the prior rows.
Line of Credit Type
Committed
Uncommitted
Total

2019
1,124
513
1,624

2020
1,236
588
1,787

2021
1,256
669
1,884

2022
1,337
720
1,999

2023
1,337
748
2,029

2024
1,359
748
2,051

2025
1,291
735
1,974

Table 5.4: Aggregate Average Amount of Drawn Lines of Credit
($Billions)
Relies on Form N-CEN, Item C.20.a.v and C.20.a.vi. The aggregate amounts presented represent the sum
of the average amount outstanding when the line of credit was in use for each Fund.
Line of Credit Type
Committed
Uncommitted
Total

2019
12
1
14

2020
12
2
14

2021
8
1
10

2022
10
4
14

2023
11
2
13

2024
9
1
9

2025
8
1
9

7
Only open-end management investment companies are required to report information on their lines of credit on Form
N-CEN Item C.20. We assume that reported lines of credit are not contemporaneously reported, but can not determine
from Form N-CEN reporting when a fund drew on each individual line of credit.

11

December 2025

Analytics Office

Table 5.5: Number of Funds Drawing on Lines of Credit, by Average Line
of Credit Usage Duration (Days)
Relies on Form N-CEN, Item C.20.a.v and C.20.a.vii. For each Fund, the average number of days their
line(s) of credit was in use is calculated. Funds are then bucketed by their average line of credit
usage duration, and the number of Funds in each bucket is then calculated.
Days
7 or Less
[8,31)
[31,61)
[61,91)
[91,181)
More than 180

2019
887
438
135
49
56
59

2020
992
484
143
60
61
47

2021
1,113
511
122
42
38
58

12

2022
1,206
485
140
62
52
54

2023
1,209
502
138
53
61
66

2024
1,291
470
122
54
59
55

2025
1,301
432
111
43
47
40

December 2025

Analytics Office

6

Service Providers

6.1

Investment Advisers8
Table 6.1: Most Frequently Reported Investment Advisers, by Number of
Funds
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Note that each
Fund may report more than one investment adviser and, as a result, could contribute to the aggregate
for multiple advisers.
Investment Adviser
FIDELITY MGMT AND RESEARCH COMPANY
BLACKROCK FUND ADVISORS
FIRST TRUST ADVISORS
SSGA FUNDS MGMT
INVESCO CAPITAL MGMT
T ROWE PRICE ASSOCIATES
PGIM INVESTMENTS
PACIFIC INVESTMENT MGMT COMPANY
VANGUARD GROUP
BLACKROCK ADVISORS
FRANKLIN ADVISERS
COLUMBIA MGMT INVESTMENT ADVISERS
TIDAL INVESTMENTS
DIMENSIONAL FUND ADVISORS
JP MORGAN INVESTMENT MGMT
INNOVATOR CAPITAL MGMT
INVESCO ADVISERS
GOLDMAN SACHS ASSET MGMT
CAPITAL RESEARCH AND MGMT COMPANY
VICTORY CAPITAL MGMT

2019
364
441
182
199
236
186
203
176
183
235
118
192
8
131
164
59
227
143
109
98

2020
595
435
207
203
216
191
194
176
182
229
116
177
20
139
162
81
197
142
110
123

2021
619
448
220
198
220
204
189
177
184
214
113
177
30
148
171
89
189
150
116
121

2022
616
468
243
191
224
205
182
183
172
209
117
176
56
157
174
110
191
142
118
115

2023
638
489
273
193
211
210
194
185
173
203
121
161
100
163
168
149
167
154
131
117

2024
644
494
309
211
221
194
209
187
183
193
170
164
166
166
170
176
161
156
142
141

2025
627
489
310
223
221
198
197
186
186
184
178
171
169
165
164
160
151
148
146
140

Table 6.2: Aggregate ATNA for Funds Reporting Each Investment Adviser
($Billions)
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Note that each
Fund may report more than one investment adviser and, as a result, could contribute to the aggregate
for multiple advisers.
Investment Adviser
VANGUARD GROUP
FIDELITY MGMT AND RESEARCH COMPANY
CAPITAL RESEARCH AND MGMT COMPANY
BLACKROCK FUND ADVISORS
JP MORGAN INVESTMENT MGMT
SSGA FUNDS MGMT
CHARLES SCHWAB INVESTMENT MGMT
T ROWE PRICE ASSOCIATES
BLACKROCK ADVISORS
DIMENSIONAL FUND ADVISORS
GOLDMAN SACHS ASSET MGMT
PACIFIC INVESTMENT MGMT COMPANY
FEDERATED ADVISORY SERVICES COMPANY
WELLINGTON MGMT COMPANY
FEDERATED INVESTMENT MGMT COMPANY
MASSACHUSETTS FINANCIAL SERVICES COMPANY
INVESCO ADVISERS
STRATEGIC ADVISERS
PGIM INVESTMENTS
COLUMBIA MGMT INVESTMENT ADVISERS
8

2019
5,219
2,026
2,044
1,652
660
536
401
835
540
554
318
492
279
413
244
291
440
166
350
290

2020
5,832
2,870
2,227
1,825
844
664
465
885
660
553
431
517
371
438
335
334
405
187
371
295

2021
7,311
3,448
2,663
2,228
943
781
508
1,056
822
590
500
536
410
507
367
416
455
229
421
344

2022
7,008
3,691
2,790
2,616
1,033
920
591
953
864
581
558
578
382
521
343
444
434
316
374
357

2023
7,360
3,574
2,638
2,537
976
922
822
861
744
571
582
484
411
492
376
396
431
309
341
315

2024
8,807
4,269
2,937
2,650
1,218
1,148
1,056
900
757
650
578
492
469
507
435
427
426
355
336
329

2025
10,006
5,050
3,259
3,235
1,445
1,366
1,304
988
860
734
650
540
524
524
485
450
439
435
362
351

CRD numbers, SEC file numbers, and LEIs are used to promote consistency of reported names.

13

December 2025

Analytics Office

Table 6.3: Number of Funds Binned by Number of Investment Advisers
Reported
Relies on Form N-CEN, Item C.9 — excludes sub-advisers and terminated advisers. Funds not
reporting Investment Advisers are excluded from this table.
Investment Advisers per Series
1
2
3
4 or more
Total

2019
12,822
192
5
3
13,022

2020
12,691
187
4
2
12,884

14

2021
12,821
202
4
2
13,029

2022
13,057
176
8
2
13,243

2023
13,199
165
9
1
13,374

2024
13,566
154
12
1
13,733

2025
13,270
144
8
1
13,423

December 2025

6.2

Analytics Office

Transfer Agents9
Table 6.4: Most Frequently Reported Transfer Agents, by Number of Funds
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Note that each Fund may report
more than one transfer agent and, as a result, could contribute to the aggregate for multiple
transfer agents.
Transfer Agent
US BANCORP FUND SERVICES
STATE STREET BANK AND TRUST COMPANY
BANK OF NEW YORK MELLON
BNY MELLON INVESTMENT SERVICING (US)
SS AND C GIDS
FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY
ULTIMUS FUND SOLUTIONS
BROWN BROTHERS HARRIMAN AND CO
DST ASSET MANAGER SOLUTIONS
JPMORGAN CHASE BANK, NA

2019
865
1,269
533
1,269
401
579
152
231
1,380
130

2020
940
1,306
491
1,193
390
569
178
275
1,306
125

2021
1,009
1,343
566
1,221
363
585
310
347
1,174
130

2022
1,168
1,291
685
1,226
566
587
472
392
994
134

2023
1,237
1,284
904
1,144
992
598
534
366
482
189

2024
1,480
1,363
1,038
1,119
1,023
597
577
399
410
241

2025
1,473
1,269
1,118
1,086
1,055
581
565
341
333
241

Table 6.5: Aggregate ATNA for Funds Reporting Each Transfer Agent
($Billions)
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Note that each Fund may report
more than one transfer agent and, as a result, could contribute to the aggregate for multiple
transfer agents.
Transfer Agent
VANGUARD GROUP
FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY
STATE STREET BANK AND TRUST COMPANY
SS AND C GIDS
AMERICAN FUNDS SERVICE COMPANY
BNY MELLON INVESTMENT SERVICING (US)
DST ASSET MANAGER SOLUTIONS
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK, NA
T ROWE PRICE SERVICES

2019
5,696
2,658
2,820
916
2,044
1,476
2,905
229
29
835

2020
6,367
3,049
3,193
1,139
2,227
1,586
3,309
234
32
885

2021
7,947
3,660
3,794
919
2,663
2,190
3,413
305
44
1,055

2022
7,625
3,984
3,838
1,233
2,789
2,245
3,543
380
60
952

2023
7,952
3,846
2,785
2,230
2,638
2,238
1,992
758
570
859

2024
9,435
4,573
2,947
2,456
2,937
2,591
2,275
873
741
894

2025
10,647
5,402
3,433
3,351
3,239
2,918
1,980
1,212
977
974

Table 6.6: Number of Funds Binned by Number of Transfer Agents Reported
Relies on Form N-CEN, Item C.10 — excludes sub-transfer agents. Funds not reporting Transfer
Agents are excluded from this table.
Transfer Agents per Series
1
2
3
Total

9

2019
12,551
164
13
12,728

2020
12,525
122
0
12,647

2021
12,660
158
0
12,818

2022
12,793
273
0
13,066

2023
12,971
243
7
13,221

2024
13,360
246
10
13,616

SEC file numbers and LEIs are used to promote consistency of reported names.

15

2025
13,086
211
8
13,305

December 2025

6.3

Analytics Office

Pricing Services10
Table 6.7: Most Frequently Reported Pricing Services, by Number of
Funds
Relies on Form N-CEN, Item C.11. Note that each Fund may report more than one pricing service and,
as a result, could contribute to the aggregate for multiple pricing services.
Pricing Service
BLOOMBERG
PRICINGDIRECT
ICE DATA PRICING REFERENCE DATA
SP GLOBAL
ICE DATA SERVICES
INTERCONTINENTAL EXCHANGE
BLOOMBERG FINANCE
IHS MARKIT
REFINITIV US
REFINITIV US HOLDINGS

2019
5,991
4,922
4,325
298
3,940
2,963
2,043
5,584
760
3,987

2020
5,979
4,978
3,726
295
4,271
3,199
2,074
5,574
1,235
4,358

2021
6,179
5,120
3,876
326
4,329
3,278
2,034
5,440
1,696
4,623

2022
6,212
5,204
4,560
890
4,155
3,024
1,970
4,864
1,821
4,580

2023
6,358
5,496
4,990
3,039
4,145
2,914
2,091
3,202
1,698
3,497

2024
6,678
5,915
5,528
4,768
4,133
2,936
2,237
1,822
1,028
912

2025
6,597
6,108
5,562
4,828
3,968
2,772
2,191
1,593
831
813

Table 6.8: Aggregate ATNA for Funds Reporting Each Pricing Service
($Billions)
Relies on Form N-CEN, Item C.11. Note that each Fund may report more than one pricing service and,
as a result, could contribute to the aggregate for multiple pricing services.
Pricing Service
ICE DATA PRICING REFERENCE DATA
BLOOMBERG
PRICINGDIRECT
SP GLOBAL
BLOOMBERG FINANCE
JPMORGAN CHASE BANK NA
ICE DATA SERVICES
INTERCONTINENTAL EXCHANGE
VIRTU FINANCIAL
IHS MARKIT

2019
7,854
11,416
9,158
690
8,617
5,766
6,041
4,623
816
15,641

2020
7,840
12,355
10,280
698
9,884
6,557
7,563
5,464
962
16,989

2021
8,952
14,874
11,847
742
11,495
8,149
9,019
6,362
1,112
20,151

2022
9,910
15,864
12,292
1,409
10,723
7,720
9,106
6,087
1,114
19,157

2023
10,157
14,056
12,611
5,089
10,844
8,069
8,337
5,603
1,122
15,785

2024
20,664
15,762
15,140
9,561
12,939
9,595
9,113
6,442
631
5,897

2025
24,009
18,133
18,073
17,821
14,516
10,847
10,338
7,323
6,644
5,834

Table 6.9: Number of Funds Binned by Number of Pricing Services
Reported
Relies on Form N-CEN, Item C.11. Funds not reporting Pricing Services are excluded from this table.
Pricing Services per Series
1
2
3
4 or more
Total

10

2019
2,327
1,595
1,782
4,847
10,551

2020
2,266
1,494
1,919
4,761
10,440

2021
2,332
1,527
2,085
4,769
10,713

LEIs are used to promote consistency of reported names.

16

2022
2,453
1,635
2,236
4,763
11,087

2023
2,307
1,829
2,034
5,111
11,281

2024
2,385
1,715
2,058
5,638
11,796

2025
2,364
1,573
1,938
5,685
11,560

December 2025

6.4

Analytics Office

Custodians11
Table 6.10: Most Frequently Reported Custodians, by Number of Funds
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Note that each Fund may report more
than one custodian and, as a result, could contribute to the aggregate for multiple custodians.
Custodian
STATE STREET BANK
BANK OF NEW YORK MELLON
US BANK NA
JPMORGAN CHASE BANK NA
BROWN BROTHERS HARRIMAN CO
CITIBANK NA
GOLDMAN SACHS CO
BANK OF AMERICA MERRILL LYNCH INTL
MORGAN STANLEY AND CO INTERNATIONAL
UBS SECURITIES

2019
5,298
2,633
1,094
1,520
817
232
393
388
388
389

2020
5,121
2,523
1,157
1,425
880
279
397
395
395
395

2021
5,113
2,645
1,323
1,503
985
322
408
405
405
405

2022
4,957
2,727
1,539
1,263
976
371
416
411
411
411

2023
4,895
2,869
1,617
1,480
926
458
378
374
374
374

2024
4,865
2,856
1,833
1,554
938
497
380
379
379
379

2025
4,669
2,917
1,846
1,651
780
502
374
373
373
373

Table 6.11: Aggregate ATNA for Funds Reporting Each Custodian
($Billions)
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Note that each Fund may report more
than one custodian and, as a result, could contribute to the aggregate for multiple custodians.
Custodian
STATE STREET BANK
JPMORGAN CHASE BANK NA
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK, NA
BROWN BROTHERS HARRIMAN CO
CITIBANK NA
US BANK NA
STATE STREET BANK AND TRUST CO
NORTHERN TRUST COMPANY
GOLDMAN SACHS CO

2019
11,258
6,270
4,965
1,501
972
447
565
501
499
353

2020
11,975
6,767
5,645
1,675
1,032
516
524
529
625
498

2021
14,230
8,326
6,698
1,977
1,432
666
700
680
745
590

2022
14,417
7,181
6,629
2,083
1,400
916
723
706
767
606

2023
12,974
8,366
7,222
1,985
1,260
1,082
696
655
663
613

2024
14,407
9,765
7,820
2,178
1,470
1,238
790
761
760
642

2025
16,195
11,125
8,955
2,386
1,627
1,497
955
854
841
752

Table 6.12: Number of Funds Binned by Number of Custodians Reported
Relies on Form N-CEN, Item C.12 — excludes sub-custodians. Funds not reporting Custodians are
excluded from this table.
Custodians per Series
1
2
3
4 or more
Total

11

2019
11,894
642
59
410
13,005

2020
11,959
452
50
410
12,871

2021
11,897
686
27
420
13,030

LEIs are used to promote consistency of reported names.

17

2022
12,388
398
22
434
13,242

2023
12,405
494
80
394
13,373

2024
12,743
537
57
392
13,729

2025
12,401
596
26
400
13,423

December 2025

Analytics Office

Table 6.13: Number of Funds Reporting a Custodian, by Type of Custody
Relies on Form N-CEN, Item C.12.a.vii.
Custody Type
Bank
Self
Futures commission merchants and commodity clearing organizations
Securities depository
Foreign custodian
Foreign securities depository
Member national securities exchange
Other

18

2019
12,276
750
433
36
267
60
33
0

2020
12,174
741
449
54
204
47
13
2

2021
12,272
692
441
69
193
49
18
2

2022
12,444
726
459
175
131
49
20
0

2023
12,594
727
424
181
129
45
11
0

2024
12,966
726
423
200
95
85
18
17

2025
12,707
723
408
156
116
50
17
1

December 2025

6.5

Analytics Office

Administrators12
Table 6.14: Most Frequently Reported Administrators, by Number of Funds
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Note that each Fund may report
more than one administrator and, as a result, could contribute to the aggregate for multiple
administrators.
Administrator
BANK OF NEW YORK MELLON
STATE STREET BANK
ULTIMUS FUND SOLUTIONS
US BANCORP
FIDELITY SERVICE COMPANY
US BANCORP FUND SERVICES
JPMORGAN CHASE BANK NA
SEI INVESTMENTS GLOBAL FUNDS SERVICES
FRANKLIN TEMPLETON SERVICES
BLACKROCK ADVISORS

2019
623
1,013
167
803
611
47
207
343
189
295

2020
648
960
179
736
611
139
203
338
183
269

2021
695
983
344
723
636
227
200
336
180
259

2022
736
1,006
516
820
639
252
203
339
181
256

2023
818
938
606
764
664
309
254
337
179
252

2024
896
934
669
889
672
374
300
325
241
244

2025
980
935
865
844
658
378
315
306
263
235

Table 6.15: Aggregate ATNA for Funds Reporting Each Administrator
($Billions)
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Note that each Fund may report
more than one administrator and, as a result, could contribute to the aggregate for multiple
administrators.
Administrator
VANGUARD GROUP
FIDELITY SERVICE COMPANY
CAPITAL RESEARCH AND MGMT COMPANY
STATE STREET BANK
JP MORGAN INVESTMENT MGMT
SSGA FUNDS MGMT
BLACKROCK ADVISORS
CHARLES SCHWAB INVESTMENT MGMT
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK NA

2019
5,696
2,671
2,042
2,536
659
536
787
399
328
137

2020
6,367
3,065
2,225
2,597
843
664
926
462
352
128

2021
7,947
3,685
2,661
3,040
943
781
1,166
505
467
144

2022
7,625
4,015
2,787
3,263
1,033
920
1,203
587
497
163

2023
7,952
3,889
2,637
2,060
976
922
1,103
820
818
672

2024
9,435
4,630
2,936
1,969
1,218
1,148
1,163
1,054
951
852

2025
10,647
5,492
3,238
2,226
1,445
1,366
1,319
1,302
1,256
1,115

Table 6.16: Number of Funds Binned by Number of Administrators Reported
Relies on Form N-CEN, Item C.14 — excludes sub-administrators. Funds not reporting Administrators
are excluded from this table.
Administrators per Series
1
2
3
Total

12

2019
11,752
434
39
12,225

2020
11,661
440
44
12,145

2021
11,923
390
47
12,360

LEIs are used to promote consistency of reported names.

19

2022
12,214
358
42
12,614

2023
12,322
406
46
12,774

2024
12,677
487
37
13,201

2025
12,365
546
33
12,944

December 2025

6.6

Analytics Office

Brokers13
Table 6.17: Most Frequently Reported Brokers, by Number of Funds
Form N-CEN, Items C.15-16. With respect to unaffiliated brokers, Funds are instructed to report
each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding
dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s
portfolio transactions. Note that each Fund may report more than one broker and, as a result, could
contribute to the aggregate for multiple brokers.
Broker
GOLDMAN SACHS AND CO
JP MORGAN SECURITIES
MORGAN STANLEY AND CO
CITIGROUP GLOBAL MARKETS
BOFA SECURITIES
UBS SECURITIES
JEFFERIES
BARCLAYS CAPITAL
RBC CAPITAL MARKETS
MERRILL LYNCH, PIERCE, FENNER AND SMITH
VIRTU AMERICAS
WELLS FARGO SECURITIES
INSTINET
BNP PARIBAS SECURITIES CORP
PIPER SANDLER AND CO
CITADEL SECURITIES
BTIG
JANE STREET EXECUTION SERVICES
NOMURA SECURITIES INTERNATIONAL
SANFORD C BERNSTEIN AND CO

2019
4,554
4,368
4,048
3,960
1,524
3,194
2,220
2,327
1,629
2,652
807
1,079
1,738
148
328
82
629
258
195
1,719

2020
4,528
4,553
4,173
3,895
2,602
3,294
2,482
2,259
1,744
1,939
720
1,225
1,725
158
678
147
662
337
187
1,598

2021
4,809
4,496
4,269
3,928
2,919
3,288
2,632
2,174
1,844
1,961
1,364
1,225
1,737
230
615
197
831
281
170
1,527

2022
4,997
4,611
4,412
3,785
3,246
3,335
2,977
2,397
2,027
1,715
1,269
1,049
1,766
455
756
284
809
400
199
1,491

2023
5,171
4,683
4,432
3,682
3,494
3,322
3,161
2,532
2,309
1,797
1,224
1,123
1,233
657
812
363
855
393
712
1,455

2024
5,253
4,717
4,311
3,555
3,691
3,395
3,347
2,528
2,264
1,730
1,198
1,030
1,091
918
885
705
829
487
758
1,140

2025
5,150
4,409
4,256
3,717
3,689
3,448
3,351
2,522
2,166
1,612
1,177
1,106
1,018
994
856
846
814
789
778
744

Table 6.18: Aggregate ATNA for Funds Reporting Each Broker ($Billions)
Form N-CEN, Items C.15-16. With respect to unaffiliated brokers, Funds are instructed to report
each of the ten brokers that received the largest dollar amount of brokerage commissions (excluding
dealer concessions in underwritings) by virtue of direct or indirect participation in the Fund’s
portfolio transactions. Note that each Fund may report more than one broker and, as a result, could
contribute to the aggregate for multiple brokers.
Broker
CITIGROUP GLOBAL MARKETS
GOLDMAN SACHS AND CO
MORGAN STANLEY AND CO
JP MORGAN SECURITIES
BOFA SECURITIES
MORGAN STANLEY
BANK OF AMERICA CORP
GOLDMAN SACHS GROUP
JEFFERIES
JPMORGAN CHASE AND CO
JEFFERIES FINANCIAL GROUP
BARCLAYS
UBS SECURITIES
BARCLAYS CAPITAL
RBC CAPITAL MARKETS
MIZUHO FINANCIAL GROUP
CITADEL SECURITIES
MERRILL LYNCH, PIERCE, FENNER AND SMITH
VIRTU FINANCIAL
BLACKROCK INVESTMENTS

13

2019
11,125
12,363
12,035
11,296
2,065
2,350
2,296
2,274
5,495
2,093
261
860
5,216
6,293
2,937
4
25
8,680
116
2,247

2020
10,566
13,239
13,271
12,515
5,556
2,632
2,356
2,425
7,953
2,233
265
885
5,777
5,853
3,074
105
103
5,940
244
2,539

2021
13,170
17,392
16,581
15,267
12,147
3,216
2,791
3,132
7,434
2,731
500
1,273
7,032
8,558
5,479
149
222
5,714
1,378
3,098

2022
13,649
18,022
17,053
15,707
13,914
2,736
2,512
2,691
8,045
2,319
10
1,176
7,175
9,747
8,261
104
309
3,433
1,098
3,526

2023
9,411
17,213
16,546
15,408
13,677
2,570
2,419
2,436
7,877
2,188
155
1,345
7,225
10,199
7,997
182
810
3,833
976
3,321

2024
9,483
15,378
13,468
18,456
11,203
8,517
7,452
7,940
9,455
2,488
1,592
7,092
7,467
6,801
7,300
831
2,212
4,099
915
3,451

2025
18,646
15,654
14,319
12,569
12,129
10,918
10,654
10,614
10,446
10,288
9,060
9,017
8,503
7,201
6,488
6,374
4,987
4,553
4,274
4,137

CRD numbers, SEC file numbers, and LEIs are used to promote consistency of reported names.

20

December 2025

Analytics Office

Table 6.19: Number of Funds Binned by Number of Brokers Reported
Form N-CEN, Items C.15-16. Funds not reporting Brokers are excluded from this table.
Brokers per Series
1
2
3
4 or more
Total

2019
1,685
970
765
8,111
11,531

2020
1,721
1,061
817
7,894
11,493

2021
1,761
1,048
827
8,075
11,711

21

2022
1,825
1,114
898
8,007
11,844

2023
2,021
1,075
883
7,984
11,963

2024
2,144
1,262
871
7,931
12,208

2025
2,087
1,044
933
7,783
11,847

December 2025

6.7

Analytics Office

Securities Lending Agents14
Table 6.20: Most Frequently Reported Securities Lending Agents, by
Number of Funds
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one securities lending
agent and, as a result, could contribute to the aggregate for multiple securities lending agents.
Securities Lending Agent
STATE STREET BANK
BANK OF NEW YORK MELLON
JPMORGAN CHASE BANK NA
CITIBANK NA
GOLDMAN SACHS BANK USA
US BANK NA
BLACKROCK INSTITUTIONAL TRUST COMPANY,, NA
NATIONAL FINANCIAL SERVICES
BROWN BROTHERS HARRIMAN CO
SECURITIES FINANCE TRUST COMPANY

2019
1,718
1,318
535
567
722
285
454
185
540
127

2020
1,777
1,260
595
594
649
330
448
311
568
130

2021
1,703
1,274
687
617
570
365
457
340
570
138

2022
1,713
1,251
745
613
467
411
477
359
570
162

2023
1,760
1,251
771
616
468
469
498
440
459
161

2024
1,727
1,254
786
664
580
544
504
472
409
187

2025
1,721
1,314
798
636
593
579
499
480
315
172

Table 6.21: Aggregate ATNA for Funds Reporting Each Securities Lending
Agent ($Billions)
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one securities lending
agent and, as a result, could contribute to the aggregate for multiple securities lending agents.
Securities Lending Agent
VANGUARD GROUP
STATE STREET BANK
NATIONAL FINANCIAL SERVICES
BLACKROCK INSTITUTIONAL TRUST COMPANY,, NA
JPMORGAN CHASE BANK NA
CITIBANK NA
GOLDMAN SACHS BANK USA
BANK OF NEW YORK MELLON
BROWN BROTHERS HARRIMAN CO
BLACKROCK INVESTMENT MGMT

2019
3,637
2,946
805
1,672
2,065
1,468
2,095
1,168
1,054
518

2020
3,949
3,297
1,653
1,844
2,311
1,663
2,064
1,495
1,120
638

2021
5,129
3,882
2,104
2,251
2,881
1,874
1,945
1,380
1,387
790

2022
5,019
3,812
2,324
2,640
2,853
2,031
1,200
1,333
1,349
838

2023
5,236
3,594
2,532
2,561
2,647
1,850
964
1,219
1,183
717

2024
6,397
3,890
2,994
2,678
2,925
2,175
1,349
1,368
1,302
727

2025
7,276
4,353
3,617
3,266
3,159
2,529
1,601
1,591
1,390
827

Table 6.22: Number of Funds Binned by Number of Securities Lending
Agents Reported
Relies on Form N-CEN, Item C.6. Funds not reporting Securities Lending Agents are excluded from
this table.
Securities Lending Agents per Series
1
2
Total

14

2019
6,662
242
6,904

2020
6,673
305
6,978

LEIs are used to promote consistency of reported names.

22

2021
6,770
312
7,082

2022
6,699
479
7,178

2023
6,824
431
7,255

2024
6,873
552
7,425

2025
6,710
601
7,311

December 2025

6.8

Analytics Office

Cash Collateral Managers15
Table 6.23: Most Frequently Reported Cash Collateral Managers, by Number
of Funds
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one cash collateral
manager and, as a result, could contribute to the aggregate for multiple cash collateral managers.
Collateral Manager
BLACKROCK FUND ADVISORS
US BANCORP ASSET MGMT
FIDELITY MGMT AND RESEARCH COMPANY
JPMORGAN CHASE BANK NA
INVESCO ADVISERS
SSGA FUNDS MGMT
BANK OF NEW YORK MELLON
JP MORGAN INVESTMENT MGMT
GOLDMAN SACHS TRUST - FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
PGIM

2019
454
292
34
276
298
188
191
134
87
179

2020
448
335
336
265
323
195
183
134
130
168

2021
457
391
358
280
331
202
188
143
144
168

2022
477
419
359
328
332
240
185
145
152
157

2023
584
479
360
355
298
241
197
151
148
145

2024
681
549
379
354
309
261
204
174
148
157

2025
669
580
375
352
304
275
198
170
147
146

Table 6.24: Aggregate ATNA for Funds Reporting Each Cash Collateral
Manager ($Billions)
Relies on Form N-CEN, Item C.6. Note that each Fund may report more than one cash collateral
manager and, as a result, could contribute to the aggregate for multiple cash collateral managers.
Collateral Manager
BLACKROCK FUND ADVISORS
FIDELITY MGMT AND RESEARCH COMPANY
SSGA FUNDS MGMT
JP MORGAN INVESTMENT MGMT
STATE STREET BANK
T ROWE PRICE ASSOCIATES
INVESCO ADVISERS
DIMENSIONAL FUND ADVISORS
FRANKLIN ADVISERS
PGIM

2019
1,672
168
433
386
473
572
362
511
1
347

2020
1,844
1,826
520
543
598
618
406
482
2
368

2021
2,251
2,293
680
556
779
764
487
506
2
418

2022
2,640
2,551
1,145
620
750
669
501
484
3
365

2023
3,070
2,455
1,175
612
705
611
520
448
232
332

2024
3,380
2,898
1,428
754
765
688
572
477
256
328

2025
4,056
3,481
1,736
892
839
710
676
500
368
352

Table 6.25: Number of Funds Binned by Number of Cash Collateral Managers
Reported
Relies on Form N-CEN, Item C.6. Funds not reporting Cash Collateral Managers are excluded from this
table.
Collateral Managers per Series
1
2
Total

15

2019
4,140
178
4,318

2020
4,245
162
4,407

LEIs are used to promote consistency of reported names.

23

2021
4,368
168
4,536

2022
4,352
219
4,571

2023
4,550
164
4,714

2024
4,749
171
4,920

2025
4,647
190
4,837

December 2025

6.9

Analytics Office

Authorized Participants16
Table 6.26: Most Frequently Reported Authorized Participants, by Number
of Funds
Relies on Form N-CEN, Item E.2 — excludes authorized participants without creation and redemption
activity during the reported period. Note that each Fund may report more than one authorized
participant and, as a result, could contribute to the aggregate for multiple authorized
participants.
Authorized Participant
GOLDMAN SACHS CO
VIRTU AMERICAS
JANE STREET CAPITAL
JP MORGAN SECURITIES
BOFA SECURITIES
MERRILL LYNCH PROFESSIONAL CLEARING CORP
RBC CAPITAL MARKETS
CITADEL SECURITIES
UBS SECURITIES
ABN AMRO CLEARING USA
CITIGROUP GLOBAL MARKETS
MORGAN STANLEY CO
MERRILL LYNCH PIERCE FENNER SMITH
MIZUHO SECURITIES USA
BARCLAYS CAPITAL

2019
1,014
750
162
905
59
1,450
407
628
375
313
337
328
414
8
120

2020
1,338
1,069
259
1,162
125
1,609
646
676
432
407
272
389
361
64
117

2021
1,736
1,418
276
1,402
381
1,800
655
732
567
467
363
358
205
62
107

2022
1,958
1,583
373
1,631
426
2,001
698
783
534
415
334
345
240
71
115

2023
2,344
1,769
811
1,834
747
2,012
855
704
505
423
335
280
346
67
160

2024
2,813
2,067
1,726
2,029
1,814
1,530
914
669
575
423
482
298
347
198
172

2025
3,009
2,443
2,378
2,058
1,995
1,349
782
640
614
513
503
385
283
219
194

Table 6.27: Aggregate ATNA for Funds Reporting Each Authorized
Participant ($Billions)
Relies on Form N-CEN, Item E.2 — excludes authorized participants without creation and redemption
activity during the reported period. Note that each Fund may report more than one authorized
participant and, as a result, could contribute to the aggregate for multiple authorized
participants.
Authorized Participant
GOLDMAN SACHS CO
JANE STREET CAPITAL
JP MORGAN SECURITIES
VIRTU AMERICAS
RBC CAPITAL MARKETS
MORGAN STANLEY CO
CITIGROUP GLOBAL MARKETS
MERRILL LYNCH PROFESSIONAL CLEARING CORP
CITADEL SECURITIES
ABN AMRO CLEARING USA
BARCLAYS CAPITAL
WELLS FARGO SECURITIES
MIZUHO SECURITIES USA
UBS SECURITIES
HRT FINANCIAL

16

2019
5,077
2,852
4,920
3,968
4,431
3,999
3,442
5,128
3,695
3,567
2,148
2,629
316
2,309
43

2020
5,754
3,947
6,317
4,783
5,540
4,597
3,953
6,313
4,151
4,046
2,615
3,200
1,743
3,002
1,964

2021
7,684
5,008
8,053
6,279
6,882
6,228
5,730
7,712
5,555
5,489
2,071
3,923
4,066
2,753
3,761

2022
8,152
4,943
8,123
6,687
6,635
6,301
5,664
8,508
5,885
5,733
4,163
4,423
3,933
3,753
3,912

2023
9,398
6,635
8,728
7,755
7,776
6,606
4,906
9,204
6,243
6,083
5,452
2,016
4,057
2,864
4,069

2024
11,220
10,317
10,529
9,131
9,510
7,747
7,245
9,921
7,731
7,472
6,840
3,273
4,995
5,702
5,081

2025
13,588
13,365
12,797
11,809
10,487
10,419
9,739
9,300
9,175
8,957
7,913
6,222
6,098
6,092
5,438

CRD numbers, SEC file numbers, and LEIs are used to promote consistency of reported names.

24

December 2025

Analytics Office

Table 6.28: Most Active Authorized Participants, by Creation and
Redemption Activity ($Billions)
Relies on Form N-CEN, Item E.2.
Authorized Participant
MERRILL LYNCH PROFESSIONAL CLEARING CORP
GOLDMAN SACHS CO
JP MORGAN SECURITIES
BOFA SECURITIES
ABN AMRO CLEARING USA
MORGAN STANLEY CO
JANE STREET CAPITAL
RBC CAPITAL MARKETS
BARCLAYS CAPITAL
CITADEL SECURITIES
CITIGROUP GLOBAL MARKETS
VIRTU AMERICAS
BNP PARIBAS PRIME BROKERAGE
SG AMERICAS SECURITIES
UBS SECURITIES

2019
927
616
374
6
479
279
12
62
85
203
110
49
74
209
108

2020
1,192
1,004
472
20
516
285
43
129
98
259
147
93
99
264
74

2021
1,346
1,000
621
83
514
380
45
174
118
325
175
167
107
210
84

2022
1,575
1,140
755
96
568
380
55
135
188
487
234
227
157
175
86

2023
1,495
1,064
787
119
556
349
158
131
159
397
182
205
113
90
80

2024
1,199
1,226
792
680
769
561
347
215
202
336
245
215
161
161
92

2025
1,521
1,410
1,064
986
733
618
550
339
319
283
264
260
255
208
128

Table 6.29: Number of Funds Binned by Number of Active Authorized
Participants Reported
Relies on Form N-CEN, Item E.2 — “Active AP” excludes authorized participants without creation
and redemption activity during the reported period.
Active APs
1
2
3
4
[5,10)
[10,15)
15 or more
Total

2019
284
399
393
291
641
93
47
2,148

2020
242
407
447
412
723
98
43
2,372

2021
266
481
574
484
814
118
36
2,773

25

2022
325
537
555
577
919
104
31
3,048

2023
364
638
656
609
1,043
102
23
3,435

2024
391
691
899
696
1,228
122
36
4,063

2025
297
579
835
770
1,460
163
34
4,138

December 2025

7

Appendices

7.1

Interval Notation

Analytics Office

Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.

7.2

Methodology for Timeseries Analysis

Most registered investment companies (RICs) report various information about fund operations
on Form N-CEN, and the reported information typically covers the fund operations for the prior
fiscal year (or in some cases prior calendar year). See Form N-CEN, Introduction & Item A.1
(Reporting period covered). These RICs must file Form N-CEN annually within 75 days after the
end of their own fiscal year (or calendar year), except RICs may file amendments and initial or final
reports on Form N-CEN, at any time. As a result, RICs file Form N-CEN in different months.
We report aggregate statistics in this report for the period ending each calendar year. To
address the asynchronous Form N-CEN filings, we include in these statistics information from the
latest Form N-CEN filed with a reporting period ending that year, except that, in the case of an
initial filing, we include information from any N-CEN we receive through May 13, 2026 that covers
December 2025, irrespective of the reporting period end date. For example, information in a Form
N-CEN filed with a reporting period ending November 2025 is included in the December
2025 aggregate statistics. Information received in a Form N-CEN filed by May 13, 2026, that is an
initial filing and covers December 2025 would be included in this report, irrespective of the reporting
period end date. (The prior version of this report, for the reporting period ending December 2024,
updated each calendar year observation as subsequent Form N-CENs were filed, e.g., in the example,
when the November 2026 filing came in, we would have updated the December 2025 statistics with
the November 2026 information. However, we will now not update the statistics to account for later
filings. This will result in a more stable timeseries as new filings come in.)
In addition, these statistics include information from all filings meeting the above criteria,
including any amendments, received through May 13, 2026.

26

December 2025

7.3

Analytics Office

Form N-CEN Changes

Below we include a brief summary of certain changes made to Form N-CEN since 2019 that may impact the
availability, or meaning of, historical information collected in certain data elements presented here in this
report.17

Release Number
IC-35308

Effective Date
November 17, 2025

IC-34084

February 19, 2021

Form N-CEN Amendments Reflect
The amendments require more frequent reporting of monthly portfolio
holdings and related information to the Commission and the public,
amend certain reporting requirements relating to entity identifiers, and
require open-end funds to report information about service providers
used to comply with liquidity risk management program requirements.
The amendments require a fund to identify whether it relied on rule
18f-4 during the reporting period and also whether a fund relied on any
of the exceptions from various requirements under rule 18f-4.

17
This summary only covers changes to Form N-CEN that could affect the data used in compiling this report. Therefore,
this summary is purposefully not a comprehensive list of all changes made to Form N-CEN over the time period shown.
In addition, item references refer to the version of Form N-CEN in effect as of the date of a particular rulemaking.

27

December 2025

7.4

Analytics Office

Definitions

Included by reference are all definitions included in the General Instructions or question specific instructions of
Form N-CEN.
ATNA

Average Total Net Assets is defined in this report by monthly average total net
assets for management investment companies that are not money market funds (Item
C.19.a), daily average total net assets for money market funds (Item C.19.b), and
total assets for UITs (Item F.11 and F.14.c).

CRD Number

Central Registration Depository number.

Family of Investment Companies

Except for insurance company separate accounts, any two or more registered investment companies that (i) share the same investment adviser or principal underwriter;
and (ii) hold themselves out to investors as related companies for purposes of investment and investor services.

Fund(s)

Each separate series of an individual registrant reported on Form N-CEN or, if an
individual registrant does not offer a separate series, the registrant.

LEI

With respect to any company, the “legal entity identifier” as assigned by a utility
endorsed by the Global LEI Regulatory Oversight Committee or accredited by the
Global LEI Foundation.

N-1A

Open end management investment company registered under the Act on Form N1A.

N-2

Closed-end management investment company registered under the Act on Form N-2.

N-3

Separate account offering variable annuity contracts which is registered under the
Act as a management investment company on Form N-3.

N-4

Separate account offering variable annuity contracts which is registered under the
Act as a unit investment trust on Form N-4.

N-5

Small business investment company registered under the Act on Form N-5.

N-6

Separate account offering variable life insurance contracts which is registered under
the Act as a unit investment trust on Form N-6.

N-8B-2

Unit investment trust registered under the Act on Form N-8B-2.

Registrant

The investment company filing this report or on whose behalf the report is filed.

28

December 2025

Analytics Office

Series

Shares offered by a Registrant that represent undivided interests in a portfolio of
investments and that are preferred over all other Series of shares for assets specifically
allocated to that Series in accordance with rule 18f-2(a) (17 CFR 270.18f-2(a)).

UIT

Unit Investment Trust.

Underlying Fund for VA

Underlying fund to a variable annuity or variable life insurance contract, (Form NCEN, Item C.3.i).

VA

Variable Annuity.

29

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Af57d50cafc0b6341. Public record. Not legal advice.